Stocks continue rally
The local stock barometer sustained its rally for a second straight session on Friday as investors cheered the slowdown in the country’s inflation rate, a major concern for the market last year.
The main-share Philippine Stock Exchange index (PSEi) gained 80.51 points, or 1.05 percent, to close at 7,761.11, driven by about a billion pesos in net foreign inflows.
For the shortened trading week, the first for 2018, the main index racked up a total of 295.09 points, or 3.95 percent.
Investors loaded up on local equities, emboldened by reports that inflation had eased for the second straight month and at an annual rate of 5.1 percent in December, below the 5.7-percent consensus. Prior to the release of this data, the market started its ascent on Thursday in anticipation of the slowdown.
“Consumer sector is seen to benefit from the lower inflation level for the month of December,” Papa Securities analyst Gio Perez said, adding that a reversal of foreign flows could be seen in the near term.
Last year, the market was battered by about P60.87 billion in net foreign selling, mostly related to inflation concerns.
All counters ended higher, led by the industrial counter, which rose by 2.14 percent. The property counter also advanced by 1.88 percent. The financial, holding firm and services also firmed up.
There were 141 advancers that edged out 63 decliners, while 39 stocks were unchanged.
Jollibee and First Gen racked up 5.82 percent while Puregold gained 3.04 percent. Ayala Corp., JG Summit and RRHI all advanced by more than 3 percent, while Ayala Land Inc., BDO and Metro Pacific added over 2 percent. Ayala Land was the day’s most actively traded company.
SM Prime and Security Bank both gained more than 1 percent, while AEV and PLDT also rose.
On the other hand, San Miguel Corp. slipped by 2.48 percent, while SM Investments, BPI and ICTSI all lost more than 1 percent. Megaworld also fell slightly.
